McLean’s Financial Services

Peace of mind when you need it most
If you are diagnosed as having one of the specific life-threatening conditions defined in your policy, critical illness insurance pays out a tax-free lump sum, giving you peace of mind when you need it most. When you suffer from a critical illness it can seriously affect you financially [...]

Amended pensions bill boosts entitlements
The government has amended its pensions bill to make it easier for people to boost the amount of state pension they are entitled to receive. To claim the full state pension, currently £90.70 a week, you must have built up a certain number of qualifying years during your working life. You [...]

Tax rates and bands for the tax year 2008/09
Tax rate
Tax band
Basic rate: 20 per cent
£0-£34,800
Higher rate: 40 per cent
Over £34,800
From 2008/09, there is a 10 per cent starting rate for savings income only, with a limit of £2,320. If an individual’s taxable non-savings income is above this limit, then the 10 per cent starting rate [...]

Pension schemes have relatively limited exposure
The Pensions Regulator said on 24 October that British pension schemes have a ‘relatively limited exposure’ to toxic assets. The Pensions Regulator also said in a statement that it has seen a ‘limited involvement in derivative trades with counterparties that are in difficulty.’ It urged pension trustees to check that [...]

Protecting your savings
From 7 October 2008, savings of up to £50,000 are guaranteed by the Financial Services Compensation Scheme (FSCS). But the protection applies per person, per institution (not account) that holds an individual banking licence.
All customers of authorised financial services firms in the UK are covered by the FSCS. It will pay compensation if [...]

Your pension questions answered
Q: I am due to reach State Pension Age before 6 April 2010. Will the changes affect how much State Pension I receive?
A: If you are already in receipt of State Pension, or are due to reach State Pension age before 6 April 2010, you will not be affected by the changes [...]

An alternative gift for children this Christmas
Why not make an alternative gift to your children or grandchildren this Christmas, something they’ll still benefit from in future years?

Make sure your heirs are not left facing an unexpected tax bill
Many UK households could be at risk of paying inheritance tax (IHT), the tax which is charged at 40 per cent on the value of your estate over the nil-rate band threshold – currently £312,000 for an individual and £624,000 for a married couple, [...]

Help for struggling homeowners
Under new rules brought in by the government on 22 October aimed at reducing repossessions, mortgage lenders will have to prove they have tried to help struggling homeowners avoid losing their property.
As the credit crisis spreads from the financial sector into the rest of the economy, Britain is expected to enter its [...]

Ten tips to survive the credit squeeze
News of the three-part package to bail out the banks in an attempt by the government to restore confidence in the financial markets and encourage them to lend to each other again will come as welcome news to many business owners. But until the credit lines start flowing again, [...]